PHL, Canada commit to enhance bilateral trade, investments

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MANILA — The Philippines and Canada are committed to further strengthen economic relations through business exploration, enhancing bilateral trade and investments.

Canada’s Minister of International Trade Ed Fast visited Manila this week and had a meeting with the country’s Department of Trade and Industry (DTI) Secretary Gregory L. Domingo on Friday (March 20), where the two trade chiefs discussed how to boost economic ties of the two countries.

“We are committed to exploring ways to deepen and modernize our trade, investments and collaboration partnerships in areas of common interest, such as agri-food, transport, energy, infrastructure, education, defense and security. We also made a commitment to resolve a number of market access issues in a timely fashion,” Domingo and Fast said in a joint statement.

“We also discussed ways to build on our current commercial relationship, which is already supported by existing agreements, such as a double taxation agreement, an investment promotion and protection agreement, and a recently expanded air transportation agreement,” they said.

Fast’s mission here follows the state of visit of Canadian Prime Minister Stephen Harper in November 2012 and the meeting of the two trade leaders on the margins of Asia-Pacific Economic Cooperation (APEC) in November 2014.

Both the Philippines and Canada committed to hold trade missions to hasten exploration of business opportunities in the two countries.

Fast will return to the Philippines this May bringing a business delegation.

Domingo, in return, eyes to visit Canada and bring some local business leaders.

June of last year, the Philippines participated in the trade mission of ASEAN to Canada.

“The Philippines, as chair of APEC for 2015, shares Canada’s commitment to fostering the participation of small and medium-sized enterprises (SMEs) in the global economy. Further, the Philippines designation as a priority emerging market under the Global Markets Action Plan (GMAP) of Canada is a positive step towards progressive bilateral relationship,” said Domingo.